Welcome to our very first metrics report! A huge part of the Handmade to $100K journey is about complete transparency. We’re baring our souls, emotions, everyday activities and our wallets, too. Our metric report is a monthly breakdown of our business and it’ll be used as a way to keep ourselves accountable and to celebrate our wins (no matter how small).
We want to share what a business looks like from the very beginning and how our business changes and fluctuates as it grows. I know so many people in the handmade industry struggle to feel okay with their achievements. We want to share that every business has it’s lows and that people don’t suddenly become successful overnight. We also want to share our wins and inspire you to reach for all kinds of possibilities.
Let’s get started…
Etsy sales: $0
GoDaddy domain name registration: $19
Print samples: $88
Decal samples: $111
Etsy fees: $5
Total income: $0
Total expenses: $223
Total profit: -$223
Etsy views: 378
Etsy visits: 221
@boldlieco Instagram followers: 49
What we got up to in January
As you can see, we started our first month in the red and we’re totally ok with that. Since writing this post, we’re only about 2 weeks post Etsy shop launch so we’re not going to trip ourselves up. Sure, it kind of sucks that Boldlie & Co didn’t take off right away, but reality is, most businesses are not instant successes.
We simplified our business idea
Originally we had grand plans of making an entire merchandising line based on Ash’s prints and designs.
We did our numbers and figured out how much it would cost to start with our original idea – more than $5,000. Depending on who you ask, that could be a big amount or a drop in the ocean. For us, it wasn’t worth the risk because we didn’t even know whether our products would sell or not.
Instead, we decided to scale our idea way, way back down so that we could quickly build out and launch a print business first.
We opened a shop!
At a grand total of $223, we launched our first shop, Boldlie & Co. That included coming up with our initial product line, coming up with a brand we love and setting up our shop on Etsy. That’s less than half of the $500 budget we set ourselves to kick off the business.
We used Etsy as a testing ground to quickly get our products in front of an established audience. We actually made our first three sales two weeks after our shop launch based on a few tweaks we made. But that income belongs in February territory – so we’ll give you a huge update on that next month 😛
Most of our expenses came from getting samples from our printing production partners. We wanted to make sure that we were happy with the quality before listing our items on Etsy.
Scale your business down to the most simple version of your idea that you can think of. Use this to test whether your idea has legs before you expand and grow. Here’s how we kept it simple:
- We started with the most basic item in our merchandise range – art prints. We’ll expand our range after we build up our customer base with prints.
- We listed our products on an established marketplace like Etsy instead of building our own website and driving traffic to it.
- We got one sample of our art prints and decals. We’ll print everything made to order so we don’t spend a lot of money upfront with no sales.
- We used mockups instead of taking photos of our products to quicken up the launch process.
Make our first sale
- List our new decal and wall sticker product
- Set up an Instagram campaign to drive growth on social media
- Add more listings and categories to Etsy to increase our traffic
- Do a proper photoshoot of our items